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10x Genomics Q4 Revenues Jump 49 Percent

NEW YORK – 10x Genomics reported after the close of the market on Tuesday a 49 percent increase in fourth quarter revenues that was driven by consumables sales.

For the three months ended Dec. 31, the Pleasanton, California-based single-cell analysis technologies firm reported $112.2 million in revenues, up from $75.3 million during the prior-year period and beating the average Wall Street estimate of $100.4 million.

"Despite all the challenges, we made important progress across our business in 2020," 10x CEO and Cofounder Serge Saxonov told investors on a conference call following the release of the results. The firm's Q4 results suggested that its business continues to recover from the impacts of COVID, he said, noting that 10x opened a distribution center in Singapore during the quarter.

Consumables revenues were $96.5 million, up 49 percent from $64.7 million a year ago, while instrument revenues grew 49 percent to $14 million from $9.4 million. Service revenue increased 48 percent to $1.7 million from $1.1 million.

Revenues for the year were weighted to the back half of the year, particularly Q4, 10x CFO Justin McAnear told investors, due to budgetary cycles of the firm's customers.

Revenues from North America totaled $57 million, up 34 percent; revenues from Europe, the Middle East, and Africa totaled $32.9 million, up 54 percent; and revenues from the Asia-Pacific region totaled $22.3 million, up 95 percent.

The installed base of Chromium systems grew by 746 instruments to 2,412 as of Dec. 31, 2020.

The firm's net loss for the quarter was $415.6 million, or $3.87 per share, compared to a loss of $7.1 million, or $.07 per share, in Q4 2019, missing the average Wall Street estimate of an $.23 loss per share. 10x said the loss included a $406.9 million in-process research and development expense related to intellectual property purchased in connection with the acquisitions of ReadCoor and Cartana.

The weighted average shares of common stock used to compute net loss per share was approximately 107.4 million in the quarter compared to approximately 96 million in Q4 2019 due to a completed follow-on offering in September.

The firm's R&D expenses rose 42 percent in Q4 to $39.7 million from $27.9 million a year ago, attributable to increased personnel-related costs. Its SG&A expenses rose 44 percent to $56.0 million from $38.8 million a year ago, also due to increased personnel-related costs.

For full-year 2020, 10x's revenues increased 22 percent to $298.8 million from $245.9 million, beating the average Wall Street estimate of $286.7 million. Consumables revenues were $252.7 million, up 22 percent from $206.9 million last year; instrument revenue was $40.1 million, up 15 percent from $34.9 million last year; and service revenue was $6 million, up 48 percent from $4.1 million last year.

For full-year 2020, revenues from North America totaled $159.3 million, up 14 percent; revenues from Europe, the Middle East, and Africa totaled $73.3 million, up 26 percent; and revenues from the Asia-Pacific region totaled $66.2 million, up 38 percent.

The firm's net loss for the year was $542.7 million, or $5.37 per share, compared to a loss of $31.3 million, or $.80 per share, in 2019, missing the consensus Wall Street estimate of $1.51 loss per share. The weighted average shares of common stock used to compute net loss per share was approximately 101.2 million compared to approximately 39.1 million in 2019.

The company's R&D expenses grew 48 percent last year to $123.4 million from $83.1 million in 2019, due to increased personnel and stock-based compensation expenses. SG&A expenses grew 55 percent to $202.3 million from $130.8 million in 2019 due to increased personnel and litigation expenses.

As of Dec. 31, 2020, 10x had $663.6 million in cash and cash equivalents.

The firm said it expects full-year 2021 revenues to be in the range of $480 million to $500 million, representing 61 percent to 67 percent growth over 2020 revenue.

In morning trading on the Nasdaq, shares of the company were down about 2 percent at $183.88.

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